The Bookkeepers.Network (BKN) Home

Post Info TOPIC: VAT / CIS INVOICING


Newbie

Status: Offline
Posts: 3
Date:
VAT / CIS INVOICING


HI COULD SOMEONE HELP ME..

my partgner is registered for CIS - and currently we invoice our gross less 20% CIS Tax payments.

i.e. Invoice Gross = £100 less 20% @ £20 net = £80

we are now VAT registered and i am unsure where to apply the VAT element on the invoices i.e. would it be after i have come to my Net value then i appluy the 17.5%.

also I pay my CIS TAX ELELMENT each quater to the HM Revenue - once the VAT is applied do i now pay this amount quarterly do - ensuring that i put this asside.

thanks so much

__________________


Member

Status: Offline
Posts: 7
Date:

The VAT needs to be calculated on the gross invoice amount before the CIS tax has been deducted. The output VAT will need to be included on your VAT return each quarter, the timing of which will depend on which VAT scheme you use.

Peter

__________________

Peter



Newbie

Status: Offline
Posts: 3
Date:

hi peter thanks for that - i have another question

1.  when i am tendering for contracts work and providing a price for the whole job - when i quote for the job - do i include the VAT and deduct the CIS Tax in my submission or do i just do a full quote for the price of the job and then add this in afterwards? - as i am unsure as to how i should go about this.

2.  Also - do you know of any good construction softwares that i could use to keep track of all my invoices etc...

thanks so much

__________________


Member

Status: Offline
Posts: 7
Date:

When my CIS clients do a tender I believe they quote the job net, but if I was you I would check with the contractor as to how they want to receive it.

I use Sage Line 50 and also use the CIS add on for my contractor clients.



__________________

Peter

Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.

Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  

©2016 The Bookkeepers.Network (BKN). All Rights Reserved. The Bookkeepers.Network (BKN) is a trading division of Hillmans Media Ltd. Registered in England Company Number 10289142. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Bookkeepers.Network and BKN are trademarks of Hillmans Media Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Bookkeepers.Network. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Bookkeepers.Network. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: info@bookkeepers.network.